3 Steps for Harnessing the Power of Data
Even though data is now produced at an unprecedented amount, data must be collected, processed, transformed, and analyzed to harness its power. Read more about the 3 main stages involved.
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- In today’s world driven by information technology, data is now produced at an unprecedented amount
- To fully extract the power of data, data must be collected, processed, transformed, and analyzed to harness its power.
Data is now considered a new kind of gold. The amount of data produced on a daily basis is unprecedented. While raw data is useful, the real power of data comes from data that has been refined, cleaned, transformed, and analyzed using different methods such as descriptive, predictive, and prescriptive analysis, as will be discussed in this article.
Step 1. Raw Data And Its Sources
Raw data could be obtained from several sources such as from sensors, the Internet, or from surveys. Raw data often contains several imperfections that affect its quality as outlined below.
Wrong Data: Data collection can produce errors at different levels. For instance, a survey could be designed for collecting data. However, individuals participating in the survey may not always provide the right information. For example, a participant may enter the wrong information about their age, height, marital status, or income. Error in data collection could also occur when there is an error in the system designed for recording and collecting the data. For…